Access policy
By accessing this page you are indicating that you have read, acknowledged and agree to be bound by the following terms and conditions, as issued by Daiwa Capital Markets Europe Limited (DCME). DCME is the wholly-owned investment banking subsidiary of Daiwa Securities Group Inc. DCME is registered in England (registered number 01487359). The registered office is based at 5 King William Street, London EC4N 7AX. The company is authorised and regulated by the Financial Conduct Authority. Daiwa Capital Markets Europe Limited is a member of the London Stock Exchange. Professional Investors only The materials on this website are intended only for professional, institutional or qualified investors. It may not be suitable for retail or individual investors. If you are a retail or individual investor and you proceed to access these materials, you understand that you are doing so at your own risk and that neither DCME nor any of its affiliated entities have solicited you or encouraged your access. Access Subject to Local Restrictions This website is not directed at any specific jurisdiction and you are entering a global website. Products or services mentioned on this site are subject to legal and regulatory requirements and may not be available in all jurisdictions. Accordingly you are required to inform yourself and observe any such restrictions. Products or services mentioned on this website are intended only for distribution in those jurisdictions where the offering of such products and services is permissible. Products and Services This website describes DCME’s capabilities and is for information purposes only. None of the material contained on this website is intended to constitute an offer to sell or an invitation or solicitation of an offer to buy any product or service provided by DCME and must not be relied upon in connection with any investment decision. This website does not provide any specific investment advice and does not take into consideration the investment needs of any particular investor or investors. Further, no part of this website contains an offer to provide finance or any underwriting commitment to any person. The provision of finance or underwriting to any person is discretionary and is dependent (amongst other things) on lending and security criteria. It does not constitute an offer or acceptance of contract, or indicate an intention to enter into legal relations in any form. Risk Warning There are significant risks associated with investment in the products and services that may be provided by DCME; these may include, but are not limited to, any one or combination of, market, liquidity, credit, operational, legal and regulatory risks. Changes to Content The information contained on this website is provided as-is, is subject to change without notice and no guarantee is made as to its accuracy, completeness or fitness for a particular purpose. DCME has expressed its own views and opinions on this website, and these may change without notice. DCME is under no obligation to update information and readers should not rely solely on the information contained on this website in making an investment decision. Liability Whilst DCME seeks to ensure that the information on this website is accurate and complete at the date of publication, DCME does not warrant the adequacy, accuracy or completeness of this information and does not accept any liability arising from reliance on any inaccuracy, omission in, or the use of or reliance on the information on this website. Data Protection and Privacy To the extent that you provide personal data or we obtain the same via your use of this website, we shall do so in accordance with our privacy notice, which can be found here. If you have any queries, please email DPO@uk.daiwacm.com. Governing Law The content of this website should be construed under and governed by the laws of England and Wales and the courts of this jurisdiction will have exclusive jurisdiction in respect of any dispute that may arise, except where such content is expressed to be governed by the laws of another jurisdiction. If for any reason a court of competent jurisdiction finds any provision of the Important Information section unenforceable, that provision shall be enforced to the maximum extent permissible, and the remainder of the Important Information shall continue in full force and effect. Copyright No part of this website may be reproduced in any manner without the prior written permission of DCME. Copyright 2018 ©
Tick here to confirm that you have read and understood the terms and conditions.
Accept
Home
Careers
Contact us
About Us
Overview
Company History
Corporate Governance & Regulatory
Corporate Principles
IBOR Transition
Board of directors
Modern Slavery Act 2015
Corporate Social Responsibility
Equity, Diversity & Inclusion
Products & Services
Equity
Investment Banking
Research
ESG
Fixed Income
Convertible Bonds
General Sales & Trading Disclosure/Disclaimer
Global Network
FICC Research
London & NY Research
Tokyo Research
News & Media
News
Financial Reports
Awards & Recognition
Sponsorship
Email Alerts
About Us
Overview
Board of directors
Company History
Modern Slavery Act 2015
Corporate Governance & Regulatory
Corporate Social Responsibility
Corporate Principles
Equity, Diversity & Inclusion
IBOR Transition
Products & Services
Equity
Japanese Equity
Asian Equity
European Equity
Execution Services
Fixed Income
Fixed Income Trading
Fixed Income Sales
Business Management
MTNs & Structured Products
Japan Desk
Investment Banking
Equity Capital Markets
Debt Capital Markets
Syndication
Convertible Bonds
Research
General Sales & Trading Disclosure/Disclaimer
ESG
Our ESG priorities
Latest ESG news
Global Network
FICC Research
London & NY Research
Tokyo Research
News & Media
News
Sponsorship
Financial Reports
Email Alerts
Awards & Recognition
Home
Careers
Contact us
Home
/
FICC Research
/
Tokyo Research
Tokyo Research
FILTER DOCUMENTS
Category
Clear
Europe
Japan
US
Global
FILTER DOCUMENTS
Archive
Reset
2025
Dec (13)
Nov (17)
Oct (24)
Sep (29)
Aug (20)
Jul (28)
Jun (24)
May (29)
Apr (23)
Subscribe to RSS feed
Daiwa’s Economic View - Revised forecasts for FY26 initial budget, JGB issuance plan
17 December 2025
546 KB
PDF
FY26 initial budget and JGB issuance plan likely finalized by 26 Dec
FY26 initial budget to reflect policies of Takaichi administration; new JGB issuance likely to increase to mid-Y30tn range
Expect decrease for 20yr, 30yr, and 40yr JGB issuance, increase for 2yr, 5yr, and 10yr issuance in FY26 JGB issuance plan with maximize consideration of market opinions
Share
Economic Commentary - ESP Forecast Survey
16 December 2025
471 KB
PDF
Consensus expects core CPI to exceed 2% again in Jan–Mar 2027
Excluding policy effects, CPI is projected to remain above 2%
Share
Daiwa’s Economic View - December Tankan: Supports December BOJ rate hike
15 December 2025
502 KB
PDF
Business sentiment, earnings, perceived labor shortages imply substantial wage hikes
Concerns about sustained high long-term inflation
Tankan’s implications for BOJ messaging on terminal rate
Share
Daiwa's View - Key issues surrounding BOJ’s r* estimates and monetary policy messaging
15 December 2025
482 KB
PDF
Expect no major revisions for neutral rate of interest range; estimated neutral rate of interest will not be used as primary messaging tool
While maintaining guidance for further rate hikes, actual policy decisions will be made based on economic/price conditions, including whether rate hikes disrupt financial conditions such as lending trends
Share
Daiwa's View - Points of interest regarding Dec BOJ MPM: Review of neutral interest rate and signaling about the pace of rate hikes
12 December 2025
722 KB
PDF
Lower bound for the estimated neutral interest rate might be raised from 1.0% to 1.25%
Hawkish messaging via outlook for Japan’s economic activity/prices, conduct of monetary policy
BOJ Governor Ueda not expected to show any rate-hiking urgency at post-meeting press conference
Share
Daiwa's Economic View - Business Outlook Survey: Wage increases are likely to exceed 5% in 2026 spring wage negotiations
11 December 2025
505 KB
PDF
Business sentiment has improved across sectors; capex appetite remains solid
Projected recurring profit for motor vehicle/accessory makers significantly revised upward
December Tankan survey results are unlikely to hold any surprises
Share
Daiwa's Economic View - Burden on Japanese households as seen from Engel’s coefficient
10 December 2025
471 KB
PDF
Impact of soaring food prices varies by age, income level
K-shaped disparity among household finances
Share
Daiwa's View - BOJ’s neutral rate estimates: Separating the medium- to long-term guideline from the near-term policy path?
8 December 2025
456 KB
PDF
BOJ will very likely indicate a guideline for neutral interest rate at next week's MPM
If communication can make a distinction between near-term policy path and neutral rate, it could potentially have an effect comparable to Fed’s longer-run federal funds rate
In anticipation of flattening pressure on the long-term to superlong zone as uncertainty recedes, we forecast that 10s30s flattener trade will be promising
Share
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Next>